FVRR - Down 72% in This Bear Market Can Fiverr Recover in 2023?
In nine of last year's 12 months, shares of Fiverr International (NYSE: FVRR) closed at a lower price than where they started. Six of these month-long drops amounted to 10% or more. For example, Fiverr's stock fell 26% in April, closing out with a 17% price drop in December . All told, the stock is down 72% since the S&P 500 index peaked on Jan. 3, 2022, according to data from S&P Global Market Intelligence . Let's see why the operator of freelance services markets took such a drastic haircut last year and whether there is any hope for a full recovery.
Spoiler: Fiverr will be around for a long time, and the company is changing the way people work.
You might argue that Fiverr's big price drop started in the winter of 2021. The stock had raced skyward during the phase of widespread lockdowns to control the COVID-19 pandemic, only to reverse course as soon as vaccines became widely available. From this perspective, where Fiverr's freelancers look like the unique byproducts of a temporary health crisis, the stock now trades a hair-raising 91.4% below the all-time highs of February 2021.
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Down 72% in This Bear Market, Can Fiverr Recover in 2023?